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Today’s episode features the former #1 NFL Fullback and author of Your Money Vehicle, Jed Collins.
Jed had realized his dream of reaching the NFL but with that first big check, came a lot of fear.
Since that point, Jed now embraces fear and shares the lessons he learned with young players and people all over the country on how to take control of their finances.
Listen, learn, and let us know what you think about Jed’s amazing ride.
Episode Summary
Jed Collin’s Entry to the NFL
- Jed talks about his first big check
- He knew he’d already spent it all before he even opened it
- The money had gone towards an engagement ring for his now-wife
- Jed entered the league as an Undrafted Free Agent so the NFL wasn’t a given
- But Jed had an accounting major so he had a fallback
- He talks about how having a fall back plan is actually looked down upon
- He also admits that he understood corporate finances but didn’t resonate on a personal level
Helping With Rookies
- Jed goes to sessions around the combine to educate rookies on personal finance
- Some of these rookies struggle with peer pressure around luxuries like cars and jewelry
- But a lot of pressure is actually from families that they’re now supporting
- There are also things like rookie dinners were these young kids are dropping $27k on dinner
- And that’s for veterans who don’t need anyone to buy them a thing
- The Rookie minimum is almost $600k now
NFL Members Don’t Comprehend What They Make
- Players don’t comprehend the difference between contract value and take-home pay
- The money coming to you is heavily taxed
- You also are not guaranteed a spot on the team for the full contract either
- There is a pension system for those that make it three years in the league
- But this doesn’t kick in until 55
- It equates to about $500 per month for every year in the league
Mindset Comparisons: Money and Football
- Jed was actually cut 13 times
- And later in his career, he was named the #1 Fullback in the league
- That just shows how unstable it can be for a player in the league
- He feels that there are a lot of parallels between someone being successful and life and sports
- He also shares stories about Drew Brees that just shows how dedication and process can lead to success
5 associations of money
- Jed talks about automating what you do with your money
- He breaks it down to 5 money areas or associations
- These (not in order) are:
- Society aka Taxes
- Past Decisions – Rent / Bills / etc
- Present Day Actions – Day to day choices
- Future Choices – Investing / Saving
- Compassion – Donations / Giving
Key Takeaways
- Peer Pressure: Jed talks about how powerful peer pressure is and it’s obviously not just a concern for kids in school
- Strong Minds: We love all the parallels Jed draws between his mindset and process in the NFL to be successful on the outside
Call to Action
Divide your spending up into the 5 associations that Jed discussed and automate where your money goes
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We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital.
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Jed’s Information
His Website: JedidiahCollins.com
His Book: Your Money Vehicle
LinkedIn: Jedidiah Collins
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